Shares of information technology (IT) are trading lower in early morning deals in otherwise firm market after the Indian rupee strengthens against the US dollar.
Among the individual stocks, Tata Consultancy Services (TCS) has dipped 3% at Rs 2,011 on BSE. The stock opened at Rs 2,075 and hit a low of Rs 1,990 so far.
Infosys and HCL Technologies are down by 2% each, while Wipro, Tech Mahindra and MphasiS down around 1% each at 1015 hours.
The BSE IT index, the sole loser among sectoral indices, was down 2% as compared to 2.15% rise in benchmark S&P BSE Sensex.
The Indian rupee touched 65.52 to the dollar against the Wednesday's close of 67.09. In past two days, the rupee has been appreciated by 3.3% against dollar.
IT firms show margin gains of 30-50 basis points with every percentage fall in the rupee. One basis point is one-hundredth of a percentage point.
Among the individual stocks, Tata Consultancy Services (TCS) has dipped 3% at Rs 2,011 on BSE. The stock opened at Rs 2,075 and hit a low of Rs 1,990 so far.
Infosys and HCL Technologies are down by 2% each, while Wipro, Tech Mahindra and MphasiS down around 1% each at 1015 hours.
The BSE IT index, the sole loser among sectoral indices, was down 2% as compared to 2.15% rise in benchmark S&P BSE Sensex.
The Indian rupee touched 65.52 to the dollar against the Wednesday's close of 67.09. In past two days, the rupee has been appreciated by 3.3% against dollar.
IT firms show margin gains of 30-50 basis points with every percentage fall in the rupee. One basis point is one-hundredth of a percentage point.
